(A) Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial real property and the term of those exemptions shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring according to the rules outlined in the R.C. § 3735.67. The results of the negotiation as approved by this Council will be set in writing in a Community Reinvestment Area Agreement, as outlined in R.C. § 3735.671.
(B) The following rates and terms apply to real property tax abatement.
(1) Abatement can be up to 100% for 12 years (negotiable up to 100% and up to 12 years) for existing commercial and industrial facilities and shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring.
(2) Abatement can be up to 100% for 15 years (negotiable up to 100% and up to 15 years) for new commercial or industrial facilities and shall be negotiated on a case-by-case basis in advance of construction occurring.
(3) If remodeling qualifies for an exemption, during the period of the exemption, the exempted percentage of the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, during the period of the exemption the exempted percentage of the structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation.
(Ord. 1331, passed 7-19-2005)